Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following information pertains to the York Company for the year ending December 31, 2019. S Hours Revenue 240,000 Interest Revenue 50,000 Purchases of
The following information pertains to the York Company for the year ending December 31, 2019. S Hours Revenue 240,000 Interest Revenue 50,000 Purchases of raw materials 40,000 Indirect Labour 4,000 Indirect Materials 9,000 Utilities [factory] 4,500 Depreciation of factory equipment 10,000 Depreciation of factory buildings. 19,000 Depreciation of admin buildings 5,000 Marketing costs 30,000 Wages [Store] Utilities [store] Supplies [store] Direct Labour Hours 10,000 6,000 3,500 2000 Hourly Rate for direct labour 10 Raw materials inventory Dec 31 2019 WIP Jan 1 2019 Sales Return/ allowances 9,000 4,000 10,000 Raw Materials Jan 1 2019 WIP Dec 31 2019 Sales Discounts 3,000 15,000 10,000 Finished Goods Inventory Jan 1 2019 Finished Goods Inventory Dec 31 2019 7,000 15,000 REQUIRED 1. Prepare a COGM statement 2. Prepare an income statement [ assume interest expense to be $10000 and tax rate to be 15%]
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started